Avanza Fonder AB Acquires New Position in The PNC Financial Services Group, Inc. (NYSE:PNC)

Avanza Fonder AB acquired a new stake in The PNC Financial Services Group, Inc. (NYSE:PNC) in the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor acquired 29,306 shares of the financial services provider’s stock, valued at approximately $5,652,000.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Bradley Foster & Sargent Inc. CT lifted its stake in shares of The PNC Financial Services Group by 4.6% in the 2nd quarter. Bradley Foster & Sargent Inc. CT now owns 8,839 shares of the financial services provider’s stock valued at $1,374,000 after acquiring an additional 388 shares during the last quarter. Mercer Global Advisors Inc. ADV grew its stake in The PNC Financial Services Group by 9.9% in the second quarter. Mercer Global Advisors Inc. ADV now owns 29,510 shares of the financial services provider’s stock worth $4,588,000 after purchasing an additional 2,670 shares during the period. Meiji Yasuda Asset Management Co Ltd. raised its holdings in The PNC Financial Services Group by 7.3% in the second quarter. Meiji Yasuda Asset Management Co Ltd. now owns 13,387 shares of the financial services provider’s stock worth $2,081,000 after purchasing an additional 908 shares in the last quarter. Vanguard Personalized Indexing Management LLC boosted its holdings in shares of The PNC Financial Services Group by 13.1% during the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 32,902 shares of the financial services provider’s stock valued at $5,092,000 after buying an additional 3,815 shares in the last quarter. Finally, Blair William & Co. IL grew its position in shares of The PNC Financial Services Group by 216.5% in the 2nd quarter. Blair William & Co. IL now owns 45,739 shares of the financial services provider’s stock worth $7,112,000 after buying an additional 31,289 shares during the period. Institutional investors own 83.53% of the company’s stock.

The PNC Financial Services Group Stock Up 0.7 %

PNC opened at $197.98 on Friday. The stock has a market cap of $78.55 billion, a price-to-earnings ratio of 16.69, a price-to-earnings-growth ratio of 1.77 and a beta of 1.16. The company has a debt-to-equity ratio of 1.22, a quick ratio of 0.81 and a current ratio of 0.81. The firm’s fifty day moving average is $201.65 and its 200 day moving average is $186.67. The PNC Financial Services Group, Inc. has a fifty-two week low of $139.69 and a fifty-two week high of $216.26.

The PNC Financial Services Group (NYSE:PNC) last announced its quarterly earnings data on Thursday, January 16th. The financial services provider reported $3.77 EPS for the quarter, beating the consensus estimate of $3.26 by $0.51. The PNC Financial Services Group had a return on equity of 10.88% and a net margin of 14.97%. The business had revenue of $5.57 billion for the quarter, compared to the consensus estimate of $5.51 billion. During the same period in the previous year, the business earned $3.16 earnings per share. The business’s revenue was up 3.8% on a year-over-year basis. On average, sell-side analysts forecast that The PNC Financial Services Group, Inc. will post 13.47 earnings per share for the current fiscal year.

The PNC Financial Services Group Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, February 5th. Shareholders of record on Wednesday, January 15th will be issued a dividend of $1.60 per share. This represents a $6.40 dividend on an annualized basis and a yield of 3.23%. The ex-dividend date of this dividend is Wednesday, January 15th. The PNC Financial Services Group’s dividend payout ratio (DPR) is currently 54.10%.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on the stock. Keefe, Bruyette & Woods upped their price objective on shares of The PNC Financial Services Group from $180.00 to $182.00 and gave the stock an “underperform” rating in a report on Wednesday, October 16th. The Goldman Sachs Group upped their price objective on The PNC Financial Services Group from $190.00 to $210.00 and gave the company a “neutral” rating in a research report on Friday, December 6th. Citigroup lifted their target price on The PNC Financial Services Group from $200.00 to $235.00 and gave the stock a “buy” rating in a report on Monday, November 25th. Truist Financial assumed coverage on The PNC Financial Services Group in a research report on Tuesday, January 7th. They set a “hold” rating and a $215.00 price objective on the stock. Finally, Wells Fargo & Company upped their target price on shares of The PNC Financial Services Group from $215.00 to $235.00 and gave the company an “overweight” rating in a research note on Friday, November 15th. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating and eight have issued a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $203.29.

Insider Buying and Selling at The PNC Financial Services Group

In other news, CEO William S. Demchak sold 1,242 shares of The PNC Financial Services Group stock in a transaction dated Friday, January 10th. The stock was sold at an average price of $192.88, for a total value of $239,556.96. Following the sale, the chief executive officer now directly owns 526,313 shares of the company’s stock, valued at approximately $101,515,251.44. The trade was a 0.24 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Martin Pfinsgraff sold 859 shares of the firm’s stock in a transaction that occurred on Tuesday, October 22nd. The shares were sold at an average price of $186.12, for a total value of $159,877.08. Following the completion of the sale, the director now directly owns 915 shares of the company’s stock, valued at $170,299.80. The trade was a 48.42 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 29,030 shares of company stock valued at $5,928,202 in the last three months. 0.42% of the stock is currently owned by corporate insiders.

The PNC Financial Services Group Company Profile

The PNC Financial Services Group, Inc operates as a diversified financial services company in the United States. It operates through three segments: Retail Banking, Corporate & Institutional Banking, and Asset Management Group segments. The company's Retail Banking segment offers checking, savings, and money market accounts, as well as time deposit; residential mortgages, home equity loans and lines of credit, auto loans, credit cards, education loans, and personal and small business loans and lines of credit; and brokerage, insurance, and investment and cash management services.